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N° 176 |
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| February 1999 |
| What Rules for the Economy
in Russia |
Jérôme Sgard
Yves Zlotowski |
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| The decisions of 17 August 1998 constitute
a clear break in the history of the Russian transition. On the one hand, the abandonment
of the "corridor" policy, which had provided the framework for change
over the last years, has ended the relative price stability obtained three years
ago. On the other hand, the partial default on State debt, and the unilateral
moratorium on the foreign commitments of the banking sector indicate that these
two agents have become insolvent. At the same time, the various strategies of
resistance to competition and financial discipline, which a majority of enterprises
have adopted, have indeed been validated by the financial crisis: logically the
latter has affected most those agents who are the best integrated into the cash
economy and monetary transactions. Consequently, these events have also accentuated
a profound characteristic of the Russian economy, which has been visible for a
number of years: the conjunction of increasingly weak discipline at the microeconomic
level, coupled with an ever-narrower capacity for action at the macroeconomic
level with respect to reforms of the economic structure. |
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